MJ Gleeson plc (LSE:GLE) said it sold 848 homes in the first half of fiscal 2026, representing a 6% increase from 801 units in the same period last year, and confirmed that full-year results remain expected to be in line with market forecasts.
Net reservation rates at the Gleeson Homes division improved to 0.75 per site per week, compared with 0.55 in the first half of 2025. Excluding bulk reservations, the rate stood at 0.44. At the period end, Gleeson Homes had a pipeline of 597 plots, supporting expectations that around 650 sales will complete in the second half of the financial year.
The division opened nine new build sites during the period, down from 11 a year earlier, with the reduction attributed to local planning constraints. The group said operational restructuring and efficiency initiatives continued, with associated costs expected to be recognised as exceptional items over the course of the year.
Gleeson Partnerships delivered its first homes to private rental investors and housing associations during the half, although activity levels were influenced by the timing of government funding. Gleeson Land completed three site sales and reported sustained demand for prime consented land.
During the period, the Land division submitted 15 new site applications and secured two planning consents. Further site disposals are dependent on the completion of final technical agreements.
The group ended the half-year with net debt of £22.5 million, unchanged from 31 December 2024. Chief executive Graham Prothero said, “We are pleased to have delivered a solid performance in a subdued market. We now expect to see an improvement in new home sales through the Spring selling season on the back of last month’s rate cut, and as uncertainty in the run-up to the Budget continues to subside.”
Gleeson Homes, which accounts for the majority of group revenue, said demand for new homes remained subdued but stable amid current economic conditions. The increase in reservation rates reflects steady buyer activity despite fewer site openings compared with the prior year.
The group said the existing sales pipeline provides good visibility for second-half completions, while the Land division’s progress highlights a measured but active approach to managing its consented land portfolio. Overall, MJ Gleeson reiterated that its full-year outlook remains aligned with market expectations, underpinned by first-half delivery, a stable debt position and ongoing operational initiatives across the business.
Leave a Reply